The IRS successfully asserted in Strangi that a client's management control over a FLP's general partner interest is a prohibited Subsection 2036(a)(2) power.
What does GP stand for?
GP stands for General Partner (IRB)
This definition appears very frequently
See other definitions of GP
We have 60 other meanings of GP in our Acronym Attic
- Gas Plasma
- Gastroparesis (motility disorder)
- Gating Pulse
- Gauge Pressure
- Gaussian Process (machine learning)
- Gauteng Province (South Africa)
- Gay Pride
- Gel Pen
- Genç Parti (Young Party, Turkey)
- General Audiences/Parental Guidance Suggested (former MPAA rating)
Samples in periodicals archive:
Under the partnership agreement, the son served as the managing general partner, which should have given him full control of the partnership.
United States (276 US 145, 1928), in the case of a general partner who participates in and is responsible for the active management of the partnership's business, such legal and accounting fees can be considered legitimate business expenses.
Issue: Will the conversion of Dick's general partner interest to a limited partner interest achieve his goal of limited liability?
But the S corporation limits on formation and continued operation do not apply to LLCs, and the problems of having a corporate general partner in a limited partnership are avoided since all members enjoy limited liability.
The concept is simple: The parents transfer real estate, securities and other appreciating assets to a limited partnership in exchange for a general partner interest, a preferential limited partner interest and a nonpreferential limited partner interest.